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News
25/06/26

UK raises HRC quota, EU-to-UK HDG quota cut

UK raises HRC quota, EU-to-UK HDG quota cut

London, 25 June (Argus) — The UK government on Thursday published the long-awaited update to its steel safeguard quotas, setting the overall quota volume at 3.218mn t — 21pc higher than provisional volumes published in March. The cut compared with the previous safeguard regime has been softened to 51pc, from 60pc in an earlier proposal. The biggest changes are to flat products, while some quotas, such as for rebar, are unchanged from their provisional volumes. The overall quota for hot-rolled coil (HRC) has been lifted sharply, while the quota for importing hot-dipped galvanised (HDG) from the EU has been reduced significantly. In contrast, quotas for South Korean and Vietnamese HDG are unchanged. "We recognise that this will create changes to trade flows including with some of our closest trading partners... Where quotas are filled, imports above these levels will face a 50pc tariff. The measure will apply only to products that can be made in the UK," trade minister Chris Bryant said. The EU HRC quota (category 1) has been revised up to 375,000 t/yr from the provisional 68,226 t/yr for the quota year beginning on 1 July. The Indian quota has been raised to 33,456 t/yr from 12,405 t/yr, while the South Korean quota has increased to 8,785 t/yr from 3,258 t/yr. The UK government has worked closely with the EU to reflect the two sides' integrated supply chains, Bryant said. "We have... agreed an approach that reflects the UK and EU's highly interconnected supply chains. This will provide stability for UK-EU steel trade from 1 July, while we continue to work together to strengthen UK-EU steel trade longer term," he said. Market participants questioned whether the South Korean HRC allocation would be commercially viable, given it allows shipments of only around 2,196 t/quarter. Compared with the expiring safeguard year, a key change on HRC is that Turkey and Taiwan have lost their country-specific quotas, with those volumes folded into the residual allocation. But the residual HRC quota has been raised sharply to 49,763 t/yr from the provisional 18,452 t/yr. But the overall HRC quota remains much tighter than under the current safeguard year, which market participants expect could support UK HRC prices. Prices for UK HRC were assessed last week at £715/t ddp Midlands. In HDG (category 4), the EU quota was reduced from the provisional 634,773 t/yr to 510,273 t/yr. But annual quotas for India, South Korea and Vietnam were left unchanged at 125,796t, 100,753t and 174,367t, respectively. Some market participants said the scale of Vietnamese HDG volumes allowed into the UK could weigh on prices. Indian-owned Tata Steel UK said the final quota levels do not reflect UK market conditions and still leave key segments — including metallic coated steel, packaging steel and hollow sections — exposed to import pressure. The company warned that this could undermine the competitiveness, sustainability, growth and investment outlook of the UK steel sector, and called on the government to revisit the framework while continuing to work with domestic producers. The government has also removed some product codes "where new information confirmed there was no UK production" and added others "where there is evidence of production", Bryant said. In category 12A (alloy merchant bars and light sections), code 72283070 has been added. In category 12B (non-alloy merchant bars and light sections), code 72149950 has been added. In category 14 (stainless bars and light sections), codes 72221910 and 72221990 have been removed. In category 26 (other welded tubes), codes 73061100 and 73062100 have been removed. In category 28 (non-alloy wire), codes 72173049 and 72173090 have been added, while codes 72172010, 72172030, 72172050, 72172090, 72179020, 72179050 and 72179090 have been removed. Beyond HRC and HDG, the biggest revisions to the UK's provisional annual quotas are as follows: category 6 (tin mill products): +58,000t to 69,795t (+491.7pc) category 12B (non-alloy merchant bars and light sections): +64,102t to 70,812t (+955.3pc) category 17 (angles, shapes and sections of iron or non-alloy steel): +147,572t to 270,762t (+119.8pc) category 28 (non-alloy wire): -20,491t to 59,734t (-25.5pc) By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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More sulphur vessels leave the Mideast Gulf


25/06/26
News
25/06/26

More sulphur vessels leave the Mideast Gulf

London, 25 June (Argus) — More vessels carrying sulphur have left the Mideast Gulf, switching on their AIS tracking at the Fujairah bunkering hub after successfully transiting the strait of Hormuz. From a peak of around 1mn t of sulphur built up in floating storage in the Gulf by late April owing to the effective closure of the strait of Hormuz, around 300,000-400,000t remains loaded on vessels in the region. Most of this product is tied up under earlier commitments, and while at least two shipments are being offered on a spot basis, spot availability remains limited. One spot shipment is understood to be from a vessel that has already transited Hormuz, while another is yet to pass through the strait. The 56,600dwt Poly Odyssey is due to deliver to south China under contract The 50,100dwt Xing Qiang 1 is due to deliver to Indonesia under earlier commitments The 40,000dwt Warrior will deliver to Jorf Lasfar, Morocco, under regular contracts The 36,800dwt Lady Anastasia will deliver to Dar es Salaam, Tanzania The 39,300dwt Western Doncaster will deliver to southern Africa under an existing agreement These shipments follow several vessels that exited the strait in the past 10 days . Seven vessels had crossed from the UAE to primarily Morocco during May-early June and from Saudi Arabia towards Singapore, with at least one of the two sold to Indonesia rather than China, despite earlier tracking information pointing to China . By Maria Mosquera Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Tupras' latest sulphur award prices slow to build


25/06/26
News
25/06/26

Tupras' latest sulphur award prices slow to build

London, 25 June (Argus) — Turkish refiner Tupras has awarded its latest July domestic sulphur e-tender in full at $650-804/t fca for various lot sizes. Prices overall are up by $17/t on average compared with its last tender awarded on 21 May, which ranged from $690-730/t fca. Tupras awarded product for its Izmir and Kirikkale refineries on 23 June as follows: From Izmir — lots ranging from 150-800t totalling 4,400t at $728-737/t fca. Tupras initially set a floor price at $925/t fca, which was cut to $625/t fca before competitive bidding ensued. From Kirikkale — lots ranging from 250-750t totalling 2,850t at $650-652/t fca. Tupras' floor price for these lots was also $925/t fca, which was reduced to $778/t fca and finally to $625/t fca before competitive bids started. Tupras additionally awarded product from its Izmit refinery late on 24 June for lots ranging from 100-1,400t at $796-804/t fca. Tupras set a floor price originally at $925/t fca, reducing it to $775/t fca and to $625/t fca before competitive bidding began. By Fenella Rhodes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

UK to set in law GHG cuts of 87pc over 1990-2042


25/06/26
News
25/06/26

UK to set in law GHG cuts of 87pc over 1990-2042

London, 25 June (Argus) — UK parliament has agreed on the country's seventh carbon budget, and will set into law greenhouse gas (GHG) emissions reductions of 87pc by 2042, from a 1990 baseline. The vote, which took place in the evening of 24 June, passed with 332 votes for and 94 against. The UK's Labour government has pursued ambitious decarbonisation policies since it won a landslide victory in July 2024. The government earlier this month set out its proposal for the emissions cuts, in line with recommendations from the parliamentary advisory Climate Change Committee (CCC). Carbon budgets, which are legally-binding in the UK, cap the total GHG emissions that the UK can emit over five-year periods. The seventh carbon budget, which covers 2038-42, will have a limit of 535mn t/CO2 equivalent (CO2e), including the UK's share of international aviation and shipping emissions. This is "consistent with the Paris Agreement" and its most ambitious target to curb the global rise in temperature to 1.5°C above pre-industrial levels, the government said. The CCC welcomed the results of yesterday's vote. It "provides the long-term certainty that businesses, investors, and communities need to accelerate the transition away from fossil fuels… this legislation will help unlock innovation, drive clean investment, and strengthen the UK's competitiveness in a low-carbon world", CCC chair Nigel Topping said. The UK is on track to meet its fourth and fifth carbon budgets, which cover 2023-27 and 2028-32, respectively, the CCC said this week in its annual assessment of government progress on climate targets . But the government must accelerate electrification to hit climate goals beyond that, the committee added. The UK met its first three carbon budgets, which covered 2008-2022 collectively, largely through power sector decarbonisation, including shutting coal-fired power generation. The country has a legally-binding target to reach net zero GHG emissions by 2050. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Australia reservation scheme to shape new gas: Woodside


25/06/26
News
25/06/26

Australia reservation scheme to shape new gas: Woodside

Sydney, 25 June (Argus) — The design of the federal government's new gas reservation scheme, currently open for public comment, will dictate Australian independent Woodside Energy's decision to drill new domestic wells in the Gippsland basin. Woodside last year identified four development targets that it said could deliver up to 200PJ (5.34bn m³) of sales gas to the market via its Bass strait assets, including the Gippsland basin joint venture (GBJV), for which it will assume operatorship from ExxonMobil this year. But this plan hinges on both technical maturity and Canberra's new gas reservation scheme, chief executive Liz Westcott said on 25 June, warning that the right policy settings and collaboration between industry, government and community was needed to progress new projects. The 50:50 GBJV assets include the 700 TJ/d Longford gas plants, the Long Island Point gas liquids terminal and pipelines linking offshore operations with Victoria state. Woodside will also take over operatorship at the Kipper unit joint venture, which is 32.5pc owned by ExxonMobil, 32.5pc by Woodside, and 35pc by Japan's Mitsui. Scheme start looms The gas reservation programme, slated to begin on 1 July next year, will require LNG exporters to reserve 20pc of shipped volumes for the domestic market only, the government has said. Australia has, however, pledged to respect term supply contracts entered into before this year as part of the national scheme. It remains unclear how this will operate practically, but it is designed to avoid a possible shortfall later this decade due to poor gas planning by state and federal governments. Woodside does not exports gas from its eastern states assets but supplies LNG from its 14.3mn t/yr North West Shelf and 4.9mn t/yr Pluto terminals on the west coast. Western Australia's state government has said it has been assured its 15pc reservation scheme will meet Canberra's stated goals . Consultation on the reservation scheme will close on 30 June , with further development of the programme to take place in July-December. The reservation is causing uncertainty among foreign investors in the nation's LNG sector , while domestic producers are flagging future supply impacts if investment is curtailed . By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.